Weekly Technical Outlook: GPB/USD ; Market Forecasts for February 26th – March 3rd

• Resistance level 1.27297, 1.28088, 1.29142
• Pivot Level 1.24834
• Support Level 1.24258

Technical Analysis

The GBP/USD pair closed weekend trading above 1.2425 levels and got a good support base that reinforces the expectations of continuing with the bullish bias and providing signals for the price recovery in the upcoming days.

This is supported by stochastic positivism that appears clearly on the daily time frame and rises above 48.0 levels.

The pair remains bullish for the moment with pair trading on rebound after testing barriers and that makes the trading settle at the support area and appears in the chart.

Some consolidations would be seen with bullish momentum and further rise is expected from current levels on the new found support area.

With the beginning of a new trend and the first main target located at 1.2729 levels, a break in 1.2808 levels besides holding above it will push the price to being bullish for its next target located at 1.29142 levels.

Economic

• Inflation Report Hearings, Gfk Consumer Confidence
• Markit Manufacturing PMI, Markit Manufacturing PMI, Consumer Credit, Mortgage Approvals
• Durable Goods Orders ex Transportation, Trump’s speech to Congress, Goods Trade Balance
• Consumer Confidence, FOMC Member Williams speech, ISM Manufacturing PMI
• FOMC Member Kaplan Speech, FOMC Member Brainard Speech, Initial Jobless Claims
• Unemployment Rate, Nonfarm Payrolls, FOMC Member Powell Speech

Area of Interest

• Strong support at 1.2425 areas and closed above rebound of trend line.
• Bullish momentum with two bar reversal above the support area.
• Price action closed above rebound of trend line and oscillator rising above 48.0 levels indicating shift in momentum.
• At Flip Area on Daily time frame support levels.

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